Question
The following payroll liability accounts are included in the ledger of Bramble Company on January 1, 2020 AM FICA Taxes Payable Federal Income Taxes Payable
The following payroll liability accounts are included in the ledger of Bramble Company on January 1, 2020 AM FICA Taxes Payable Federal Income Taxes Payable State Income Taxes Payable Federal Unemployment Taxes Payable State Unemployment Taxes Payable Union Dues Payable US. Savings fonds Payable In January, the following transactions occurred. Jan. 10 Sent check for $855 to union treasurer for union dues. $800 1,195.00 120.00 280.00 1,970.00 855 375 12 Remitted check for $1,995.00 to the Federal Reserve bank for FICA taxes and federal income taxes withheld 15 Purchased U.S. Savings Bonds for employees by writing check for $375 17 Paid state income taxes withheld from employees. 20 Paid federal and state unemployment taxes. 31 Completed monthly payroll register, which shows salaries and wages 152,000, FICA taxes withheld $3.978, federal income taxes payable $2,170, state income taxes payable $435, union dues payable $475, United Fund contributions payable $1,975, and net pay $42,967. 11 Prepared payroll checks for the net pay and distributed checks to employees. At January 21, the company also makes the following accrued adjustments pertaining to employee compensation 1. Employer payroll taxes: FICA taxes 7,65%, federal unemployment taxes 0.8%, and state unemployment taxes 5.4% 2. Vacation pay: 6% of gross earnings. Journalize the January transactions (Round answers to 2 decimal places, eg. 15.25. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit MacBook Air (To record completion of monthly payroll register.) (To record preparation and distribution of payroll checks to employees.) V LIST OF ACCOUNTS Joumalize the adjustments pertaining to employee compensation at January 31. (Round answers to 2 decimal places, e.g. 15.50. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) No. Date Account Titles and Explanation (To record employee payroll taxes.) 2. Debit (To record vacation pay.) Click if you would like to Show Work for this question: Open Show Work Credit The folowing payroll liability accounts are included in the ledger of Bramble Company on January 1, 2020. FICA Taxes Payable Federal Income Taxes Payable State Income Taxes Payable Federal Unemployment Taxes Payable State Unemployment Taxes Payable Union Dues Payable $800 1,195.00 120.00 280.00 1,970.00 855 375 U.S. Savings Bonds Payable In January, the following transactions occurred. Jan. 10 Sent check for $855 to union treasurer for union dues. 12 Remitted check for $1,995.00 to the Federal Reserve bank for FICA taxes and federal income taxes withheld. 15 Purchased U.S. Savings Bonds for employees by writing check for $375. 17 Paid state income taxes withheld from employees. 20 Paid federal and state unemployment taxes. 31 Completed monthly payroll register, which shows salaries and wages $52,000, FICA taxes withheld $3,978, federal income taxes payable $2,170, state income taxes payable $435, union dues payable $475, United Fund contributions payable $1,975, and net pay $42,967. 31 Prepared payroll checks for the net pay and distributed checks to employees. At January 31, the company also makes the following accrued adjustments pertaining to employee compensation. 1. Employer payroll taxes: FICA taxes 7.65%, federal unemployment taxes 0.8%, and state unemployment taxes 5.4%. 2. Vacation pay: 6% of gross earnings. Journalize the January transactions. (Round answers to 2 decimal places, e.g. 15.25. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit Show All Journalize the January transactions. (Round answers to 2 decimal places, e.g. 15.25. Credit account titles are automa Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit > > MacBook Air Journalize the adjustments pertaining to employee compensation at January 31. (Round answers to 2 decimal places, amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) No. Date Account Titles and Explanation 1. 2. (To record employee payroll taxes.) (To record vacation pay.) Debit Credit
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started